Australian Homes Surpass $9 Trillion in Value

second storey addition front view from street

Australian Homes Surpass $9 Trillion In Value

The combined value of Australian homes rose by another half billion dollars over the September quarter, according to data released this week by the Australian Bureau of Statistics. The latest figures show that the total value of Australia’s 10.7 million homes rose by $487 billion to $9,259.2 billion in the September quarter 2021. The mean price of is now $863,700, up from $821,700 in the June quarter 2021.

Head of Prices Statistics at the ABS Michelle Marquardt said that the value of Australia’s dwelling stock has risen by nearly $1 trillion in the past six months.

“By comparison, the previous increase of just over $1 trillion took 15 months, rising from $7.2 trillion in the December quarter 2019 to $8.4 trillion in the March quarter 2021″, she added.

NSW accounted for 40 per cent, or $3.7 trillion, of Australia’s total value of dwellings. The average price of residential dwellings in NSW rose to a record level of $1.1 million. Residential property prices rose 5.0 per cent in the September quarter 2021. House prices rose 5.7 per cent, while attached dwelling prices rose 3.1 per cent.

Annually, prices rose 21.7 per cent, the strongest annual growth since the Residential Property Price Index series commenced in the September quarter 2003. Annual growth in house prices (up 25.4 per cent) continued to outpace those of attached dwellings (12.4 per cent).

All capital cities recorded rises in residential property prices in the 12 months to the September quarter 2021, with growth rates either setting new records or reaching levels not seen in many years.

“The September quarter results were consistent with housing market conditions,” Marquardt said, adding that continued solid growth in residential property prices was supported by record low interest rates, strong demand and low levels of stock on the market.



Source: EPS Property Search